HomeMy WebLinkAbout1493 (a) When the Developer no longer holds at least five (5$)
percent of the Total Apartments for sale in the ordinary course of .
business; or
(b) Developer causes the voluntary resignation of all of the
Directors designated by it.
Upon the Developer's Resignation Event, the Directors elected by Purchaser
Members shall elect successor Directors ~ to fill the vacancies caused by the
resignation or removal of the Developer's designated Directors . These succes-
sor Directors shall serve until the next Annual Members Meeting and until
their successors are elected and qualified .
J . At each Annual Members Meeting held subsequent to the year in
which the Developer's Resignation Event occurs, all seven (7) of the Directors
shall be elected by the Members of the Association .
ARTICLE X
INDEMNIFICATION
Every Director and every officer of the Association (and the Directors
and/or officers as a group) shall be indemnified by the Association against all
expenses and liabilities, including counsel fees (including, but not limited to,
all trial and appellate levels) reasonably incurred by or imposed upon him or
them in connection with any proceeding or litigation or settlement in which he
may become involved by reason of his being or having been a Director or
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officer of the Association. The foregoing provisions for indemnification shall
apply whether or not he is a Director or officer at the time such expenses
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are incurred. Notwithstanding the above, in the event of a settlement, the
~ indemnification provisions herein shall not be automatic and shall apply only
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when the Board approves such settlement and authorizes reimbursement for
the costs and expenses of the settlement as in the best interest of the Asso-
ciation, and in instances where a Director or officer admits or is adjudged
guilty of willful misfeasance or malfeasance in the performance of his duties,
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RU DEN, BARNETT, McCLOSKY 6 SCM LISTER, ATTORNEYS AT LAW, 25 SOUTH ANDREWS AVENUE, FORT LAU DEROALE. FLORIDA